Burgundy Asset Management Ltd. Reduces Stock Holdings in Carrier Global Corporation $CARR

Burgundy Asset Management Ltd. reduced its position in shares of Carrier Global Corporation (NYSE:CARR) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,348,288 shares of the company’s stock after selling 16,101 shares during the quarter. Burgundy Asset Management Ltd. owned 0.16% of Carrier Global worth $98,681,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CARR. Nuveen LLC bought a new stake in Carrier Global during the first quarter valued at approximately $649,512,000. JPMorgan Chase & Co. boosted its stake in shares of Carrier Global by 23.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock worth $2,820,485,000 after acquiring an additional 7,409,432 shares during the last quarter. Norges Bank purchased a new position in shares of Carrier Global during the 2nd quarter worth $524,939,000. Artisan Partners Limited Partnership grew its position in shares of Carrier Global by 63.6% during the 2nd quarter. Artisan Partners Limited Partnership now owns 4,952,738 shares of the company’s stock valued at $362,491,000 after acquiring an additional 1,924,804 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Carrier Global by 61.9% in the 1st quarter. Alliancebernstein L.P. now owns 4,318,806 shares of the company’s stock worth $273,812,000 after purchasing an additional 1,651,873 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Carrier Global Trading Down 0.5%

Carrier Global stock opened at $54.25 on Friday. Carrier Global Corporation has a 1 year low of $50.30 and a 1 year high of $81.09. The firm’s 50 day moving average price is $56.51 and its 200-day moving average price is $64.82. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.14 and a quick ratio of 0.75. The stock has a market cap of $45.69 billion, a P/E ratio of 12.14, a PEG ratio of 2.36 and a beta of 1.30.

Carrier Global (NYSE:CARR) last posted its earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.65 billion. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. Carrier Global’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period last year, the company posted $0.83 earnings per share. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. On average, equities analysts predict that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global declared that its board has authorized a stock repurchase plan on Tuesday, October 28th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to buy up to 10.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Investors of record on Tuesday, January 20th will be given a $0.24 dividend. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, January 20th. Carrier Global’s dividend payout ratio (DPR) is presently 21.48%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Royal Bank Of Canada cut their price target on Carrier Global from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Friday. Zacks Research raised Carrier Global from a “strong sell” rating to a “hold” rating in a research note on Friday, November 21st. Wells Fargo & Company cut their price objective on Carrier Global from $62.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. reduced their target price on shares of Carrier Global from $61.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, October 31st. Finally, Jefferies Financial Group restated a “buy” rating on shares of Carrier Global in a research note on Thursday, September 11th. Nine research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $72.44.

Carrier Global Profile

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.